This world is full of people who just want to get money without earning it...
I got myself a house on Christmas day. Nice place - 25Lakhs a pop. It took 11K to book the place.
Then come the hidden things like roaches out of a crack. I need to buy "parking space". Open parking at 55K a slot and enclosed parking at 1.5L a slot. Here comes the stunner, you won't get a document to the land all you get is an allotment letter from the builder... who you would get no trace of once the money changes hands. Now let's say you buy the slot.. within 2 years the land of the building is transferred over to the society, which now owns the land. You got nothing !! The society may decide to take back all the land in case of shortage of parking space and reallocate (even to people who didn't buy a slot). The builder's allotment letter can then be used to wipe your ass for all anyone cares. So easy way out .. don't buy eh ? Wrong. Second scenario... everyone who books buys a slot. In that case the society would probably go with the majority. 'If you didn't buy, sorry all the space is taken! You should have bought when you had the chance.' Icing on the cake: I believe, This is forbidden by the law. Hence no agreement papers and the money for the parking is to be paid in black - cold cash. Apparently every builder is doing it ... so it's okay!
Just as you are reeling from this whirlpool of catch-22s. You got to apply for a home loan. You think all these banks on TV -- "housing" angels who just want to give away homes to anyone who is homeless. Here's my deal : I have taken a loan of 20L at 8.75 % fixed. The calculation comes to approx 40 Lakhs in repayment. So the bank takes away twice the amount if I play by the rules for 18 years. Of course you can repay earlier - upto 25% of the loan amount without penalties (yes some of them have a prepayment penalty - so if I tried to pay them 1L earlier, I would have to pay 40K as penalty for giving them back their money.) But that clause was marked by a * (Conditions apply) so in all probability there's something up there too..
So to all these losers out there , trying to rip people off.. Here's a song by an Indian band "BodhiTree"(great work guys..) just for you. Thanks Sumesh for pointing this link in the vast blogosphere..
GMD by BodhiTree. Turn the volume low - if someone would bust a cap in your ass for uttering expletives.
http://www.soundclick.com/bands/pagemusic.cfm?bandID=431951
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